Taipei: On the inauguration day of TS Financial Holding Co. after the completion of a merger on Thursday, Thomas Wu, chairman of the new company, said he will work hard with his employees to build TS Financial as the best financial heavyweight in Taiwan.
According to Focus Taiwan, in an internal letter to TS Financial's employees, Wu expressed his confidence in their loyalty and vision, committing to collaborate with them to elevate the new company and establish it as the leading financial heavyweight in Taiwan. Accompanied by TS Financial Vice President Mark Wei, company president Welch Lin, and guests from the local business sector, Wu unveiled the new company's nameplate at an inauguration ceremony at its Taipei headquarters, marking the official launch of the merged entity's operations.
"July 24 marked a milestone in Taiwan's financial sector as a merger of Taishin Financial and Shin Kong Financial was completed," Wu stated in the letter. "After the merger, TS Financial has grown to the fourth largest financial holding in Taiwan with total assets at NT$8.3 trillion (US$283 billion)." Under TS Financial's corporate umbrella, Wu noted that more than 10 financial business categories are expected to benefit from larger economies of scale, providing better financial products through a more comprehensive financial product portfolio.
Wu highlighted TS Financial's plans to improve operational efficiency, upgrade service quality, and broaden talent cultivation to facilitate rapid expansion. "In a foreseeable future, I believe TS Financial will make a great contribution to society and its shareholders, while its employees are expected to grow with the company," he added.
Citing a motto from his late father Wu Ho-su, a respected entrepreneur in Taiwan - "maintaining the status quo means falling behind, while research and development will lead to progress," Wu affirmed TS Financial's commitment to "dedication," "innovation," and "sustainability." Acknowledging the challenges of post-merger integration, Wu emphasized the importance of stabilizing personnel and retaining talent, pledging to motivate his colleagues to advance their careers and enhance market competitiveness.
The internal letter from Wu was reflected in a large curtain bearing the four Chinese characters meaning "move forward with dedication," hung on the wall of TS Financial's headquarters to symbolize the new company's commitment to resource integration and employee unity. Speaking on the sidelines of the inauguration ceremony, Lin expressed his emotional response to the successful merger, which resulted from years of hard work by employees of Taishin Financial and Shin Kong Financial.
Lin outlined TS Financial's ambition to further enhance the company's assets to rank among the top three financial holding firms in Taiwan, stressing that accomplishing this goal would require continuous operational improvements. Lin also announced that TS Financial would reveal its short-term operational targets at a cocktail party Thursday afternoon to celebrate the company's launch.
Earlier this month, Andy Chang, senior director of the Financial Services Ratings Department of Taiwan Ratings, commented on the merger's strategic benefits. Taishin Financial, which operated its flagship banking entity - Taishin International Bank - was complementary in business with Shin Kong Financial, which had Shin Kong Life Insurance as its major operations. Chang noted that Taishin Financial aimed to strengthen its life insurance operations through the merger.